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SSPDL Ltd.

BSE: 530821 Sector: Infrastructure
NSE: N.A. ISIN Code: INE838C01011
BSE LIVE 15:40 | 22 Sep 89.55 -4.45
(-4.73%)
OPEN

90.30

HIGH

96.70

LOW

89.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 90.30
PREVIOUS CLOSE 94.00
VOLUME 16751
52-Week high 118.00
52-Week low 51.20
P/E 12.32
Mkt Cap.(Rs cr) 116
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 90.30
CLOSE 94.00
VOLUME 16751
52-Week high 118.00
52-Week low 51.20
P/E 12.32
Mkt Cap.(Rs cr) 116
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

SSPDL Ltd. (SSPDLLTD) - Chairman Speech

Company chairman speech

1996 SRINIVASA SHIPPING AND PROPERTY DEVELOPMENT LIMITED CHAIRMAN'S SPEECH I have great pleasure in welcoming you to this Second Annual General Meeting of your Company. The Directors' Report and the Audited of your Company for the year 1995-96 have been with you for quite some time now and with your permission I shall take them as read. FINANCIAL PERFORMANCE As your can see from the Annual Report in your hands, the Company has done well during the very first year of operations and posted an after tax profit of Rs. 509.79 lakhs. This is after providing for an amount of Rs. 70 lakhs towards Income Tax and Rs. 70.82 lakhs towards interest. The Company has also transferred an amount of Rs. 60.00 lakhs to the General Reserve. From the above figures you can see that the performance of the Company during the year 1995-96 has far exceeded the projections made by the Company in its prospects, dated 6th March, 1995. DIVIDEND : As you are already aware, your Company has declared and paid an Interim Dividend of 20%. Encouraged by the results achieved by the Company, the Board of Directors of your Company decided to recommend a final dividend of 30%, taking the total dividend in the first full year of operations to 50%. I am proud to say that your Company is one of the very few companies which can boast of declaring 50% dividend in the very the Company's Shareholders who have shown enormous confidence and extended overwhelming response to our Public Issue. The Company hopes that you will extend wholehearted cooperation and support to this company in future also. WIND POWER PROJECT : As you are aware your Company has diversified into Power Generation during 1995-96. As part of its diversification plans the Company has set up a Wind Power Generation Unit at Vadavalli village, Palladam Tq., Coimbatore District of Tamil Nadu. The project was implemented in a record time of 3 months and I am happy to announce that Wind Power Generation has started in March, 1996. During the year 1996-97 the Company has generated 19.05 lakhs units of power upto 15th September, 1996. PROGRESS OF EXISTING PROJECTS : The Capital Tower Project and the Company's project at GNC Road in Madras are progressing as per schedule. It is expected that the Company's both projects will be completed by September, 1997. The Company will be handing over commercial space to the respective buyers by September/October, 1997. FUTURE PROSPECTS : The performance of the Company during the year is expected to be satisfactory as in the past. Gross income and the profit will be on the expected lines. The Company is planning to obtain all the permissions and required clearances for its Montiesh Road project in Madras by December, 1996 and work on this project will commence in April, 1997 to construct 66,000 SFT of commercial/office space. Further Company propose to take up construction of 1.00 lakh SFT commercial/residential space every year starting from 1997-98 onwards. ACKNOWLEDGEMENTS : I take this opportunity in thanking all our shareholders for their continued support and would like to place on record that the Company will strive to satisfy its shareholders in future also. I hope that you will all stand by the company to make it more prosperous in future also. I also take this opportunity to thank our bankers M/s. Andhra Bank and Global Trust Bank Limited for their unstinted cooperation and support towards your company's growth. I also thank Karvy consultants Limited, Registrars to the Company for providing prompt service to our investors. I also thank our employees for their co-operation and unstinted support through their hard work and devotion towards your company's growth. Once again I convey my gratitude for your continued association and support to your company. Lastly, I thank you Ladies and Gentlemen for participating in this Second Annual General Meeting of your company. CHAIRMAN PLACE : HYDERABAD, DATED : 23rd September, 1996.